Refer to the graph showing the demand for books. The quantity demanded when price is $16.00 is:
A. 4 books.
B. 8 books.
C. 2 books.
D. 6 books.
Answer: C
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Using the information in Situation 20-1, if aggregate output equals $8,000, the unplanned inventory investment equals
A) -$100 B) $0 C) $100 D) $500
If the British sell more Rolls Royce cars to the United States, the United States __________ more pounds and __________ more dollars in the foreign exchange market
A) supplies; supplies B) supplies; demands C) demands; supplies D) demands; demands
Wages are the major element of cost in the economy accounting for about 70 percent of all input costs.
Answer the following statement true (T) or false (F)
Comparing a lottery where a $1 ticket purchases a chance to win $1 million with another lottery in which a $5,000 ticket purchases a chance to win $5 billion, we notice many people would participate in the first but not the second, even though the odds of winning both lotteries are the same. We can perhaps best explain this outcome by:
A. lower value at risk for the lottery paying $1 million. B. higher expected value for the lottery paying $5 billion. C. higher expected value for the lottery paying $1 million. D. higher value at risk for the lottery paying $1 million.